Nigeria, Russia Renew Ties for Economic Growth

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Aduragbemi Omiyale A new insurance product has been introduced into the underwriting sector in Nigeria by Stanbic IBTC Insurance Limited, a subsidiary of Stanbic IBTC Holdings Plc. The product is called Sunset Benefit Plan, a comprehensive funeral expenses coverage designed to provide financial security during the bereavement or loss of loved ones. A statement from the insurer explained that the Sunset Benefit Plan will help customers celebrate a life well spent, expressing optimism that it would transform the industry and bring peace of mind to policyholders and their families. “Having a comprehensive funeral expenses cover is a crucial part

By Adedapo Adesanya Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the likelihood of the apex bank devaluing the Naira is on the happenstance that the nation’s external reserves go below $30 billion and the international price of crude oil drops to $45 per barrel. Mr Emefiele, according to a CBN publication, made this disclosure while speaking with potential investors in London, United Kingdom, on Wednesday. The CBN chief was confident that the reserves were unlikely to drop to $30 billion due to the various policies put in place by the federal government as part

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Wednesday released new guidelines on Standing Deposit Facility (SDF) for banks and discount houses in the country. In a circular signed by the Director in charge of Financial Markets Department at the central bank, Ms Angela Sere-Ejembi, it was said that interest would no longer be paid on any deposit above N2 billion. Before the release of these new guidelines, which take effect from July 11, 2019 (today), the limit was N7.5 billion. But its determination to stimulate lending to the critical sectors of the economy, including the Micro, Small

By Investors Hub Most Asian stocks rose on Wednesday as higher commodity prices and better-than-expected data from Japan and Australia boosted investor optimism about global growth. Traders also breathed a sigh of relief after Catalan leader Carles Puigdemont refrained from making a formal declaration of the region’s independence on Tuesday. China’s Shanghai Composite Index rose 6.06 points or 0.2 percent to 3,389,05, although Hong Kong’s Hang Seng Index fell 101.26 points or 0.4 percent to 28,389.57. China is on track to meet its growth target of around 6.5 percent this year and could well exceed it, the head of the

By Modupe Gbadeyanka The 12-year-old boy with missing intestines, Adebola Akin-Bright, who has been receiving treatment at the Lagos State University Teaching Hospital (LASUTH), Ikeja, has died. Adebola died on Tuesday evening, according to reports. He was to be flown abroad for an intestine transplant to get him back to normal before he breathed his last today. Adebola had surgery at a private hospital in the Alimosho area of the state known as Obitoks Medical Centre, but it was later discovered that his intestines were missing. The Lagos State House of Assembly had on Tuesday asked Governor Babajide Sanwo-Olu to

By Adedapo Adesanya The federal government has said that the construction of the Ibadan-Kano railway project will possibly kick-start in April 2020, according to the Minister of Transportation, Mr Rotimi Amaechi. Speaking over the weekend at the monthly inspection of the ongoing construction of the Lagos-Ibadan railway, which is in its final stage of completion, the Minister said that the construction of the $3.5 billion Ibadan-Kano standard Guage to be constructed by the China Railway Cooperation Company (CRCC) was yet to be approved by the Federal Executive Council (FEC). He, however, said that he was hopeful that the contract would

By Modupe Gbadeyanka Children below the age of 18 visiting the ongoing Expo 2020 Dubai will enjoy some freebies, including free entry, top-notch entertainment, delicious deals, loads of family events and amazing exploratory experiences. It was gathered that they will get the opportunity to eat for free at designated food pavilions, including at the African Dining Hall, a statement issued on Monday disclosed. Expo 2020 Dubai offers the littlest of diners a wide range of eateries from across the globe. Starting from November 27, 2021, children who are under 8 will eat for free from the kid’s menu when their

By Modupe Gbadeyanka Equatorial Guinea’s Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol, have signed a new production sharing contract (PSC) for Block EG-24 offshore Rio Muni, Equatorial Guinea. London Stock Exchange-listed Ophir Energy (OPHR.L) is already a major player offshore Equatorial Guinea in Block R, where the company is building Africa’s first deepwater floating liquefied natural gas project. Block EG-24 (formerly Block EG-20 and Block M) is one of 20 exploration areas marketed during the EG Ronda 2016 licensing round and is located to the west of producing fields Ceiba and Okume, covering 3,537 square